"The shareholders end up with the growth project coming on board, we'll end up with cash on the balance sheet to be able to ensure that all that further potential is delivered, and MinMetals were able to end up with a suite of assets that they're very keen to get on and run."

Mr Michelmore says its debt of more than $1 billion will soon be wiped out.

"Once the deal goes through, there'll be no debt in OzMinerals," he said.

"In fact, there'll be a surplus of cash which will be able to underpin all the further development that's required here and the exploration work."